Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $119.98B | $177.45B | $148.38B | $138.86B | $132.7B | $159.36B | $147.33B | $142.37B | $162.32B |
| Cost of revenue | $113.37B | $154.89B | $131.87B | $129.58B | $122.7B | $147.15B | $137.15B | $132.19B | $144.53B |
| Gross profit | $6.61B | $22.57B | $16.51B | $9.29B | $10B | $13.25B | $12.43B | $12.14B | $13.54B |
| Gross margin | +5.51% | +12.72% | +11.12% | +6.69% | +7.54% | +8.31% | +8.44% | +8.53% | +8.34% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.54B | $2.77B | $3.04B | $3.22B | $3.35B | $3.59B | $3.34B | $3.3B | $3.64B |
| Total operating expenses | $2.31B | $3.6B | $3.92B | $4.04B | $4.23B | $4.51B | $4.41B | $4.17B | $4.74B |
| Operating income | $4.3B | $18.97B | $12.59B | $5.25B | $5.77B | $8.69B | $8.25B | $8.01B | $8.86B |
| Operating margin | +3.58% | +10.69% | +8.48% | +3.78% | +4.35% | +5.45% | +5.60% | +5.63% | +5.46% |
| EBITDA | $7.45B | $24.88B | $18.56B | $10.6B | $11.68B | $15.18B | $14.44B | $13.45B | $16B |
| EBIT | $4.08B | $21.67B | $15.25B | $7.27B | $8.43B | $11.59B | $10.93B | $10.49B | $11.49B |
| Below the line | |||||||||
| Interest expense | $1.3B | $1.22B | $1.28B | $1.34B | $1.41B | $1.53B | $1.45B | $1.39B | $1.56B |
| Interest income | $14M | $221M | $672M | $467M | $159M | $490.74M | $451.56M | $438.47M | $497.36M |
| Other income / expense | -$1.48B | $1.5B | $1.4B | $709M | $1.25B | — | — | — | — |
| Pre-tax income | $2.82B | $20.47B | $13.99B | $5.96B | $7.02B | $10.35B | $9.22B | $9.17B | $10.4B |
| Income tax expense | $264M | $4.49B | $2.82B | $890M | $1.14B | $1.76B | $1.58B | $1.57B | $1.75B |
| Earnings | |||||||||
| Net income | $9.74B | $14.52B | $9.68B | $3.45B | $4.05B | $6.3B | $5.75B | $5.59B | $6.43B |
| Net income · continuing ops | $2.55B | $15.98B | $11.17B | $5.07B | $5.88B | $8.18B | $7.89B | $7.42B | $8.52B |
| Net margin | +8.12% | +8.18% | +6.52% | +2.48% | +3.05% | +3.95% | +3.90% | +3.93% | +3.96% |
| EPS · basic | $2.71 | $28.34 | $23.76 | $10.12 | $13.27 | $28.88 | $22.95 | $19.49 | $38.10 |
| EPS · diluted | $2.69 | $28.12 | $23.65 | $10.09 | $13.27 | $29.08 | $23.22 | $19.64 | $37.75 |
| EPS · low estimate | — | — | — | — | — | $23.49 | $15.08 | $9.45 | $24.40 |
| EPS · high estimate | — | — | — | — | — | $39.56 | $34.51 | $28.96 | $47.66 |
| Shares · basic | 634M | 512M | 407M | 341M | 305M | 306.27M | 302.01M | 307.42M | 305.1M |
| Shares · diluted | 638M | 516M | 409M | 341M | 305M | 304.23M | 304.73M | 304.7M | 307.14M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 11 | 5 | 1 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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